Group 1: Report Overview - The report is a daily report on the hog market dated September 15, 2025, focusing on the current supply - demand situation and price trends of hogs [2] Group 2: Investment Rating - No investment rating for the industry is provided in the report Group 3: Core Views - The hog spot price is under pressure in the medium - term due to large supplies, but has short - term support. Futures prices are expected to be under pressure and may trend downward [2][4] Group 4: Summary by Content Spot Market - Hog spot prices across the country are falling. Large - scale enterprises' hog slaughter volume remains high, and overall supply pressure persists. Small - scale farmers' slaughter enthusiasm has decreased, and secondary fattening may increase as prices stabilize [2] - The average spot price dropped from 13.29 yuan/kg yesterday to 13.01 yuan/kg today. The price of piglets decreased from 294 yuan to 291 yuan, while the sow price remained at 1592 yuan [2] - Self - breeding and self - raising profit decreased from 32.24 yuan/head to 16.84 yuan/head, and the profit of purchasing piglets for fattening decreased from - 148.41 yuan/head to - 161.93 yuan/head [2] Futures Market - Futures prices are fluctuating slightly. The market considers the potential positive impact of an upcoming livestock and veterinary bureau meeting. The far - month contracts are affected by capacity changes, and there is some price support [4] - LH01 rose by 5 yuan to 13745 yuan, LH03 fell by 15 yuan to 13045 yuan, and so on [2] Trading Strategies - For single - side trading, short near - month contracts on rallies. For arbitrage, conduct an LH15 reverse spread. For options, buy far - month call options [5] Slaughter and Pig Size Spread - The daily slaughter volume decreased by 590 heads to 148082 heads. The price spread between different pig sizes has changed, with the large - pig to standard - pig spread increasing from 0.21 yuan/kg to 0.29 yuan/kg [2]

Group 1 - The article highlights the stories of individuals who are revitalizing rural areas and embodying a deep connection to their homeland, showcasing their courage, love, and responsibility [1] - It features a specific case of Wang Shuaibin, who utilizes "black technology" to raise black goats, leading to the development of a multi-million dollar industry for local farmers [1] Group 2 - The article emphasizes the transformation of agricultural practices, illustrating how innovative approaches can turn challenges into profitable opportunities, as seen with a young girl from Chaoshan who promotes "treasure fruits" [1]

Core Viewpoint - The significant rebound in near-term futures is supported by the recent rise in spot prices, market expectations for excessive culling in late September and October, and technical factors such as gap openings and previous support levels, aided by speculative funds [5]. Supply and Demand Analysis - In September, while production capacity peaks are expected, the reduction in capacity will take time, and only excessive culling in October and November can improve the current oversupply situation [5]. - The government has been promoting capacity reduction in the pig industry since June, but the effects have not been significant. For eggs, while no explicit measures have been announced, environmental policies may restrict the expansion of large-scale poultry farms [6]. - The sentiment for culling has slowed down recently, and if spot prices exceed expectations, market confidence may recover, potentially leading to slower culling rates and exacerbating supply pressures post-holiday [6]. Spot Price Trends - Since September, spot prices have been driven up by demand from schools and food processing companies preparing for the Mid-Autumn Festival and National Day, with the average price of eggs in major production areas rising to 3.58 yuan/kg, an increase of 0.43 yuan/kg from the beginning of the month [9]. - The inventory levels in production and circulation have decreased, with production inventory at 0.45 days and circulation inventory at 0.73 days as of September 12 [9]. Production and Culling Data - As of the end of August 2025, the number of laying hens increased by 2% month-on-month and 7% year-on-year, reaching approximately 1.3172 billion [18]. - The sales of chick orders have decreased, indicating a slowdown in replenishment sentiment since June, with expectations for a slight decline in the number of laying hens in September [18]. - The average culling price for hens was 4.65 yuan/kg as of September 12, down 0.08 yuan/kg from the beginning of the month, with culling volumes showing some divergence in data but generally indicating a faster culling pace [24]. Profitability and Market Sentiment - As of September 9, the feed price was 2.71 yuan/kg, and the profit from egg production was 0.05 yuan/kg, indicating a recovery in profitability due to rising egg prices [23]. - The sentiment in the market is cautious, with expectations of a potential increase in culling volumes around the Mid-Autumn Festival, depending on the spot price trends [24]. Futures Market Analysis - The near-term and main contracts are closely aligned due to the delivery of eggs in October, with recent spot price rebounds leading to a narrowing basis [31]. - The market sentiment appears bullish, but the underlying supply-demand conditions may not support sustained price increases, indicating a potential for price corrections [31].

Core Viewpoint - The company emphasizes its commitment to investor returns and plans to dynamically adjust dividend ratios based on market conditions, cash flow, and capital expenditure plans to provide long-term, stable, and sustainable cash dividends to enhance investor satisfaction [1] Group 1 - The company will consider various factors such as market conditions and cash flow when determining dividend payouts [1] - The company aims to share development results with investors through multiple methods of return [1] - The company acknowledges the importance of investor feedback and engagement in its decision-making process [1]

Report Summary Report Industry Investment Rating - Not provided in the content Core Viewpoints - Northern regional pig prices fluctuated weakly, with mediocre demand. The slaughter rhythm of social pig sources accelerated, but the external sales volume of leading groups was limited, supporting a narrow price decline [2]. - Southern pig prices were stable or declined over the weekend. In the South China market, after pig prices fell to a low level, the resistance psychology of some enterprises increased. Coupled with the weekend boost, the sales of live pigs improved slightly, and prices stopped falling and remained stable. In the Southwest and Hubei and Hunan regions, supply remained high and demand was average, leading to price declines [2]. - The off - season supply has ended, and there may be a pattern of increasing supply and demand in September. However, the weight - loss effect of pig enterprises in the early stage was significant, which may reduce the supply pressure in September. Moreover, the price difference between standard and fat pigs has always maintained a certain profit for raising large pigs, and there is always room for secondary fattening to enter the market [3] Grouped by Related Content Pig Price Trends - Northern regional pig prices fluctuated weakly, and southern prices were stable or declined [2] Supply and Demand Analysis - In September, there may be a pattern of increasing supply and demand, but early - stage weight - loss by pig enterprises may ease supply pressure, and there is space for secondary fattening [3] Data Graphs - There are multiple data graphs including pig slaughter average price, pig warehouse receipt quantity, sow inventory affecting future prices, comparison of national and Henan pig prices, pig inventory structure change, pig slaughter average weight, PSY production index of sows, frozen pork storage rate, culled sow average price, pig slaughter volume, sow culling volume, pig purchase profit seasonality, pig self - breeding profit seasonality, pig slaughter gross profit seasonality, key pig slaughter enterprise operating rate, and average price of piglets seasonality [4][7][9]

Core Viewpoint - The article highlights the advancements in agricultural technology and practices in Heyuan, showcasing the integration of automation and smart farming techniques to enhance productivity and efficiency in both crop and livestock production [1][10]. Group 1: Agricultural Technology Advancements - The introduction of automated farming equipment, such as unmanned harvesters and smart greenhouses, has significantly improved farming efficiency, allowing for precise operations and year-round production [12][54]. - The use of intelligent temperature control and hydroponic systems in greenhouses has transformed traditional farming methods, enabling consistent quality and higher yields of fruits and vegetables [48][54]. - The implementation of advanced agricultural machinery has led to a dramatic increase in operational efficiency, with some tasks being completed at speeds up to 100 times faster than traditional methods [33][13]. Group 2: Livestock Production Innovations - The construction of multi-story pig farms has optimized land use, allowing for a higher density of livestock while improving disease prevention measures [75][76]. - The integration of smart farming technologies in livestock management has enabled a single worker to manage up to 2,000 pigs, doubling the efficiency compared to traditional farms [79][90]. - The livestock sector in Heyuan has seen a significant increase in production value, with pork output reaching 127,900 tons in 2024, marking an 8.2% year-on-year growth [70][71]. Group 3: Processing Industry Enhancements - The introduction of automated production lines in food processing has led to substantial efficiency gains, with some processes achieving a 60-fold increase in output compared to traditional methods [124][109]. - The establishment of advanced production facilities for local specialties, such as oil tea and rice noodles, has improved product quality and increased production capacity, with annual outputs reaching 3 billion yuan [110][128]. - The use of AI and automated systems in quality control processes is set to further enhance the precision and efficiency of food production in the region [129][130].

Core Insights - The pork concept sector experienced a significant increase of 2.82%, leading the gains among concept sectors as of the market close on September 15 [1][2] - Within the pork sector, 31 stocks rose, with notable performers including Deli Foods and Aonong Biological reaching their daily limit up, while Shuanghui Development and Shunxin Agriculture saw slight declines [1][2] Sector Performance - The pork sector was the top performer with a daily increase of 2.82%, followed by cloud gaming at 2.63% and electronic sports at 2.53% [2] - Other sectors such as military information technology and copper cable high-speed connections experienced declines of -1.35% and -1.30%, respectively [2] Capital Flow - The pork concept sector attracted a net inflow of 457 million yuan, with 20 stocks receiving net inflows, and 12 stocks exceeding 10 million yuan in net inflow [2][3] - Aonong Biological led the net inflow with 199 million yuan, followed by Wens Foodstuffs and Deli Foods with 186 million yuan and 64 million yuan, respectively [2][3] Stock-Specific Data - Deli Foods and Aonong Biological had the highest net inflow ratios at 31.16% and 21.92%, respectively, indicating strong investor interest [3][4] - Other notable stocks included Wens Foodstuffs with a net inflow ratio of 9.12% and Muyuan Foods at 1.34% [3][4]

Core Viewpoint - The national average price of live pigs in China is experiencing a downward trend, with significant supply-side pressures and weak demand affecting the market [1][3]. Group 1: Price Trends - As of September 15, 2025, the average price of external three-yuan live pigs across 31 provinces is 13.61 yuan per kilogram, down by 0.09 yuan from the previous day [1]. - The price difference for external three-yuan live pigs across 21 major regions has increased to approximately 0.56 yuan per kilogram, up by 0.02 yuan from the previous day, but remains below the average transportation cost of 0.49 yuan per kilogram [3]. Group 2: Market Dynamics - There is significant pressure on the supply side, with large-scale farms accelerating the sale of pigs and smallholders following suit [3]. - Demand remains weak, with slaughterhouses primarily engaging in price-cutting procurement, leading to sluggish sales of pork products [3]. - Market sentiment is predominantly bearish, although there is a growing reluctance among producers to sell at lower prices, suggesting a potential for continued price declines in the near future [3].

Core Insights - The article discusses the development of the livestock and prepared food industry in Guangdong, highlighting the importance of standardization and technological advancements in enhancing product value and ensuring stable growth through the pig cycle [17][18]. Group 1: Industry Development - The prepared food sector acts as a stabilizer and value enhancer in the livestock industry, converting primary agricultural products into high-value goods [17]. - Agricultural processing industrialization, central kitchen, and cold chain logistics upgrades are crucial for the development of the prepared food industry [21]. - The market for prepared foods is expanding, with significant potential for growth in Guangdong [22]. Group 2: Training Program - The third training session focuses on various aspects of the livestock industry, featuring industry experts sharing insights on prepared foods and market expansion [36][41]. - The training adopts a hybrid format of offline classes and online live streaming, allowing broader participation [31][32]. - The agenda includes topics such as the advancement of prepared foods, market prospects, and leveraging AI for market expansion and brand building [29][41]. Group 3: Market Opportunities - There is a strong demand for high-quality livestock products in high-consumption markets like Beijing-Tianjin-Hebei, emphasizing the need for differentiated selling points [24]. - The integration of AI technology is seen as a key driver for transformation in the livestock sector, providing new opportunities for market expansion and brand development [27][28].

Report Industry Investment Rating - Not provided Core Viewpoints - The supply side shows that farms have high enthusiasm for slaughtering, strict transportation inspections, and low enthusiasm for second - fattening. Slaughterhouses can easily acquire supplies, resulting in sufficient pork production capacity [2][20] - The demand side indicates that there is no obvious positive news at the terminal. Slaughterhouses have no intention of making frozen products, maintain a high fresh - sales rate, with little change in slaughter volume, and pork consumption continues to be weak [2][20] - Overall, the slaughter pressure on the breeding side remains high, terminal demand has not improved, there is little second - fattening, supply exceeds demand, pig prices have reached a new low in recent years, and prices are more likely to fall than rise [2][20] Summary by Directory 1. Supply Situation Analysis - Farms have high enthusiasm for slaughtering, strict transportation inspections, and low enthusiasm for second - fattening, leading to smooth acquisition of supplies by slaughterhouses and sufficient pork production capacity [2][20] 2. Demand Situation Analysis - There is no obvious positive news at the terminal. Slaughterhouses have no intention of making frozen products, maintain a high fresh - sales rate, and there is little change in slaughter volume, with pork consumption remaining weak [2][20] 3. Cost - Profit Analysis - Not elaborated in the provided text 4. Market Outlook - The supply side has high slaughter enthusiasm from farms, strict transportation inspections, and low second - fattening enthusiasm, resulting in sufficient supplies. The demand side has no obvious positive news, high fresh - sales rate, and little change in slaughter volume. Supply exceeds demand, pig prices are at a new low in recent years, and prices are more likely to fall than rise [2][20]